Cemetery Perpetual Care Trust Investments (Tables)

6 Months Ended

Jun. 30, 2017

Cemetery Perpetual Care Trust Investments [Abstract]

The components of Care trusts’ corpus as of December 31, 2016 and June 30, 2017 were as follows (in thousands):



	December 31, 2016			June 30, 2017
Trust assets, at market value	$	46,889		$	47,539
Obligations due from trust	(599		)	(524		)
Care trusts’ corpus	$	46,290		$	47,015

Cost and fair market values associated with the trust investments held in perpetual care trust funds

The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at June 30, 2017 (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	3,106	$	—	$	—		$	3,106
Fixed income securities:
Foreign debt	2	3,546		164		(176		)	3,534
Corporate debt	2	13,121		639		(424		)	13,336
Preferred stock	2	11,396		126		(348		)	11,174
Mortgage-backed securities	2	695		159		(13		)	841
Common stock	1	14,609		1,450		(1,883		)	14,176
Mutual funds:
Fixed Income	2	904		52		(1		)	955
Trust securities		$	47,377	$	2,590	$	(2,845	)	$	47,122
Accrued investment income		$	417						$	417
Cemetery perpetual care investments									$	47,539
Market value as a percentage of cost									99.5		%

Estimated maturities of fixed perpetual care trust income securities

The estimated maturities of the fixed income securities included above are as follows (in thousands):



Due in one year or less	$	9
Due in one to five years	1,876
Due in five to ten years	3,843
Thereafter	23,157
	$	28,885

Cost and fair market values associated with trust investments held in perpetual care trust funds

The following table reflects the cost and fair market values associated with the trust investments held in perpetual care trust funds at December 31, 2016 (in thousands):



	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses			Fair Market Value
Cash and money market accounts	1	$	6,522	$	—	$	—		$	6,522
Fixed income securities:
Municipal bonds	2	365		13		(3		)	375
Foreign debt	2	5,100		99		(435		)	4,764
Corporate debt	2	13,715		966		(821		)	13,860
Preferred stock	2	11,323		5		(664		)	10,664
Mortgage-backed securities	2	569		223		(3		)	789
Common stock	1	8,259		1,382		(1,146		)	8,495
Mutual funds:
Fixed income	2	855		76		—			931
Trust securities		$	46,708	$	2,764	$	(3,072	)	$	46,400
Accrued investment income		$	489						$	489
Cemetery perpetual care investments									$	46,889
Market value as a percentage of cost									99.3		%

Schedule of fair market value and unrealized loss on perteptual care trust investments

Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended June 30, 2017 are shown in the following table (in thousands):



	June 30, 2017
	In Loss Position Less than 12 months					In Loss Position Greater than 12 months					Total
	Fair Market Value		Unrealized Losses			Fair Market Value		Unrealized Losses			Fair Market Value		Unrealized Losses
Fixed income securities:
Foreign debt	$	304	$	(19	)	$	1,090	$	(157	)	$	1,394	$	(176	)
Corporate debt	3,695		(320		)	350		(104		)	4,045		(424		)
Preferred stock	244		(1		)	6,139		(347		)	6,383		(348		)
Mortgage-backed securities	133		(13		)	—		—			133		(13		)
Common stock	4,883		(1,215		)	1,723		(668		)	6,606		(1,883		)
Mutual Funds:
Fixed Income	339		(1		)	—		—			339		(1		)
Total temporary impaired securities	$	9,598	$	(1,569	)	$	9,302	$	(1,276	)	$	18,900	$	(2,845	)

Our perpetual care trust investment unrealized losses, their associated fair market values, and the duration of unrealized losses for the periods ended December 31, 2016 are shown in the following table (in thousands):



	December 31, 2016
	In Loss Position Less than 12 months					In Loss Position Greater than 12 months					Total
	Fair Market Value		Unrealized Losses			Fair Market Value		Unrealized Losses			Fair Market Value		Unrealized Losses
Fixed income securities:
Municipal bonds	$	137	$	(3	)	$	—	$	—		$	137	$	(3	)
Foreign debt	1,619		(120		)	1,961		(315		)	3,580		(435		)
Corporate debt	4,679		(152		)	1,439		(669		)	6,118		(821		)
Preferred stock	2,038		(77		)	8,329		(587		)	10,367		(664		)
Mortgage-backed securities	31		(3		)	—		—			31		(3		)
Common stock	1,563		(121		)	2,004		(1,025		)	3,567		(1,146		)
Total temporary impaired securities	$	10,067	$	(476	)	$	13,733	$	(2,596	)	$	23,800	$	(3,072	)

Perpetual care trust investment security transactions recorded in interest income and other, net

Perpetual care trust investment security transactions recorded in Other, net on our Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2017 were as follows (in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2016			2017			2016			2017
Realized gains	$	65		$	644		$	112		$	925
Realized losses	(433		)	(481		)	(1,682		)	(630		)
Decrease (increase) in care trusts’ corpus	368			(163		)	1,570			(295		)
Total	$	—		$	—		$	—		$	—

Perpetual care trust investment security transactions recorded in cemetery revenue

Perpetual care trust investment security transactions recorded in Revenues: Cemetery for the three and six months ended June 30, 2016 and 2017 were as follows (in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2016			2017			2016			2017
Investment income	$	1,504		$	1,586		$	2,980		$	3,292
Realized gain, net	(195		)	(108		)	(458		)	(608		)
Total	$	1,309		$	1,478		$	2,522		$	2,684

Purchases and sales of investments in perpetual care trusts

Purchases and sales of investments in the perpetual care trusts for the three and six months ended June 30, 2016 and 2017 were as follows (in thousands):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2016			2017			2016			2017
Purchases	$	(5,194	)	$	(6,861	)	$	(11,952	)	$	(11,874	)
Sales	$	3,122		$	4,503		$	7,870		$	8,390